The new tycoons

I tracked the world’s property wealth to research this infographic for Modus, the magazine of the Royal Institution of Chartered Surveyors. By far the greatest concentration is in state hands: the world’s biggest property owners are the growing number of massive sovereign wealth funds and even bigger state pension funds. As of 2015, there were 77 SWFs controlling total assets worth US$7071bn, and by the end of 2013, the world’s 300 largest pension funds held US$14.9trn – two thirds of this in the hands of public institutions. Cross-border investment is an increasingly dominant force across the globe, but especially in London, where three quarters comes from overseas and funds rush from far and wide to cement their wealth in its bricks and mortar. In the capital’s property market, retired American teachers are a surprisingly dominant force, though they face stiff competition from such diverse buyers as Italian insurers, Quebecois developers and future generations of Malaysians…

Modus_Wealth infographic

Crossrail: 40 years young

Last year marked an important milestone for Crossrail: its 40th birthday. London’s new east-west link was first proposed in the 1974 London Rail Study, even if it only broke ground 35 years later, after decades of reports, failed legislation and repeated balking at the high costs of the scheme. This is a tediously familiar tale in the recent history of the UK’s transport infrastructure. There has been a consistent lack of political will to push through major projects, leaving strategically important schemes mired in the planning system or dropped abruptly with a change of government. As a result, the UK lags behind other developed nations – ranked ninth overall in the World Economic Forum’s Global Competitiveness Index, but only 27th for the quality of its transport network.

Transport is essential to the UK economy, and there is an urgent need for investment in roads, rail and airport capacity to ease congestion, support growth and accommodate 10m additional citizens by 2035. It is a critical juncture for key projects including HS2, Crossrail 2, much-needed rail improvements in the North and airport expansion in the South-East, and if the UK is not to grind to a halt in 20 years’ time, we have to start now. Political consensus and stability will be essential to delivering these aims – but unfortunately, we are a month away from the least predictable general election in decades. In this article on the next government’s transport policy for Estates Gazette, I assessed the prospects for a very uncertain future.